Trust & Ethics
Research Methodology
Every FlowWealth publication follows the same process. It is set out here so that readers can assess not only our conclusions but how we reached them.
Data Collection
We gather figures from primary sources: central bank releases, statistical agency publications, exchange data, company filings and multilateral institution documentation. Every observation is recorded with its source, its publication date and the date we recorded it.
Data Validation
Figures are checked against the originating publication rather than against secondary reporting. Where a series has been revised, both the current and prior vintages are retained so that earlier research remains interpretable against the data available when it was written.
Economic Analysis
We examine the macroeconomic mechanism at work — what is driving an indicator, through which channel, and with what lag. We prefer explaining a mechanism to producing a point forecast, because the mechanism remains useful when the forecast is wrong.
Market Analysis
We assess what market prices imply about expectations, and where those implied expectations differ from our own analysis. Auction results, yield curves and relative pricing are read as evidence of what investors collectively expect.
Scenario Development
We construct a base case and the plausible alternatives. Scenarios are built to be distinguishable — each specifies observable conditions under which it would be the one unfolding, so a reader can tell which world they are in.
Risk Assessment
For every thesis we identify what could invalidate it, and how a reader would know. Where a risk cannot be quantified from available data, we say that rather than assigning a spurious number.
Investment Implications
Where relevant, we set out what the analysis means by asset class. These are general implications drawn from the research, not personal recommendations, and they are written to be interrogated rather than followed.
Publication Review
Before release, each publication is reviewed for analytical soundness, accuracy of cited data, appropriate acknowledgement of uncertainty, completeness of sourcing and disclosure, and compliance with our regulatory positioning.
Structure
What every FlowWealth report contains
A consistent structure is what allows a reader to compare our conclusions across publications, and to find the caveats without hunting for them.
- Executive summary — three to five conclusions
- Key findings — the data points that matter
- Market context — the relevant background
- Analysis — the substantive research
- Data and charts — sourced and dated
- Investment implications — by asset class
- Base case — our central expectation
- Alternative scenarios — with probabilities
- Key risks — what could invalidate the thesis
- What we are watching — the indicators ahead
- Methodology — the method used
- Sources — every figure attributed
- Disclosures — conflicts and limitations
Common Questions
- Does FlowWealth publish price targets or buy and sell ratings?
- No. FlowWealth publishes analysis of economies, markets, sectors and companies, including general investment implications by asset class. We do not issue personal recommendations, price targets or buy and sell ratings, and nothing we publish is personalised investment advice.
- How are scenario probabilities determined?
- They are analytical judgements made by the authoring team, not model outputs. We publish them so readers can see the weight we place on each scenario and substitute their own assessment. They are stated as judgements every time they appear.
- What happens when FlowWealth gets something wrong?
- We publish a revised view stating what changed and what we misjudged, rather than quietly amending the original publication. Material factual errors are corrected on the page with the correction noted.
- Why is some Ghanaian data labelled 'as at' rather than live?
- Ghanaian official statistics are published as documents rather than machine-readable feeds, at irregular intervals. We record those figures from the published source on a known date and label them accordingly, rather than presenting them as live market prices.
- Can FlowWealth research be cited?
- Yes. FlowWealth research may be read, printed and cited with attribution. Commercial redistribution or the creation of derivative products from our research requires written permission.
See also our editorial standards, research disclosures and data sources.
The FlowWealth Brief
The markets, economic developments and investment ideas that matter.
A weekly brief covering Ghanaian, African and global markets: one chart worth understanding, one investment concept explained, and FlowWealth’s view on what changed.
- Ghana, Africa and global markets
- One important chart, explained
- One investment concept per issue
- Upcoming research and events